What Enterprises Want From Trade-Credit Onboarding Platforms

Let’s say that your current trade-customer onboarding process is manual, time-consuming, and prone to errors or even worse (huhhmmmm….) ’digital’ and still prone to errors PLUS lacks the level of flexibility or functionality you need, well, it’s time think your approach to this. 

If the process is causing delays for your customers and staff during applications, approvals, and account management, then it’s likely that your customer experience is taking a hit. And if your fraud prevention game is lacking, it could leave you vulnerable to financial risks and a bit of a tarnished reputation, no good.

So, you think to yourself: “Adopting a top-notch trade-credit Customer Onboarding Platform will address these issues!”.

Adopting a top-notch trade-credit Customer Onboarding Platform will address these issues!

It needs to automate our onboarding process, get rid of any manual mahi, reduce errors, and speed up the approval process. Plus, it’s gotta have enhanced fraud prevention capabilities like ID verification, document authentication, biometrics, name recognition capability, and duplicate alerts to keep us covered. And to sweeten the deal, by digitising our onboarding process, we’ll offer our customers a better experience and let them complete applications through multiple sales channels.

Great idea! 

Now that you have made a business decision to adopt specialist Trade-Credit Customer Onboarding technology, this article explores the functional requirements that enterprises are seeking in their trade-credit customer onboarding platform and which they may include in their Request for Proposal (RFP) (as could you)! 

Enterprises are looking for specific functional features to make things more efficient and streamlined for both the lender and borrower. By focusing on these features, enterprises can make sure their customers get a smooth onboarding process while also boosting the accuracy and efficiency of the lending process.

1. “It’s so simple!”–  They want an Intuitive Application 

Businesses demand intuitive and user-friendly interfaces for all their applications, and trade-credit customer onboarding platforms are no exception. 

An intuitive application means a platform that is easy to navigate, simple to understand, and quick to complete. Businesses must provide their customers with a seamless experience. A complicated and cumbersome application process can discourage potential customers from completing the application or, even worse, cause them to seek a competitor’s services.

A non-intuitive application can negatively affect a business, such as reduced application completion rates, customer dissatisfaction, and, ultimately, lost revenue. Therefore, Trade-Customer onboarding platforms must provide an intuitive and user-friendly application with clear instructions and is designed with the customer’s needs in mind. 


This can include everything from digital application forms and automated credit checks to real-time decision-making tools and ongoing credit management and monitoring. Intuitive identity validation is a must and the platform should have online KYC capability. Ideally it should feature one-time sign-on for customers completing the application form. It should also include customer application tracking technology for real-time updates on their application status. 

The platform should also have an intuitive application to upload documentation such as financials and identification. It should also be accessible on mobile devices and computers.

2.  “Too Easy!” – They Want Effortless Documentation

Enterprises also expect their trade credit SaaS platform to provide easy and efficient document management capabilities. Documenting with ease means having a user-friendly system that allows customers to easily upload and store necessary documents, sign agreements, and access relevant information. This is crucial for providing a streamlined experience for customers and ensuring that all required documentation is securely stored and easily accessible.

A SaaS platform that doesn’t have efficient documenting features can cause several issues. 

For example, customers may struggle to upload or access essential documents, leading to delays and frustration. This can also lead to errors and discrepancies in the application process, as necessary information may be missing or difficult to locate. Additionally, if the platform doesn’t have adequate security measures, it can put sensitive information at risk of being compromised. 


In order to meet the needs of enterprise customers, Trade Credit SaaS platforms must prioritise intuitive and efficient documenting features. This includes automated notifications, pre-filled forms, and secure storage capabilities.

This includes the ability for customers to easily access and upload required documents such as guarantees, security agreements, and financial statements. To ensure compliance with legal and regulatory requirements, enterprises also require that customers acknowledge and accept various terms and conditions, privacy declarations, and usage declarations before starting an application. Secure electronic signature solutions are also essential for seamless and efficient documentation.

Other essential features of an intuitive document management system include the ability to store completed documentation on the platform and link it to the relevant customer account and the capability to upload and store internal templates for customised forms. Additionally, enterprises require automation of the Personal Property Securities Register (PPSR) registration and renewal process, affordability checks, and the ability to update terms and conditions as needed quickly.  

3. “All so streamlined!” – They Want Workflow Automations  

Workflow automation refers to the automated workflows and functions integrated into a software application or platform to streamline the tasks and responsibilities of credit officers or other relevant personnel involved in a lending or credit approval process.

These workflows can range from pricing approvals to auto-approvals or auto-defers based on predetermined rulesets to multi-level approval systems for different limit authorisations, hierarchies and even business units.

Workflow automation aims to improve the efficiency and accuracy of the lending process, reduce the time and effort required by credit officers to complete tasks and ensure compliance with regulations and company policies. These workflows can also include automatic re-submissions of failed applications, managing user queues and workload percentages, and reporting capabilities to track credit officer performance and application statistics.

Overall, workflow automation can help to reduce errors, speed up the credit approval process, and provide a more streamlined and efficient experience for both the lender and the borrower.


Auto-approval and auto-refer features are desired, which can be configured based on specific rulesets. Users should have complete management of these rulesets, with the ability to amend them as necessary. A multi-level approval system is also needed, allowing for different limit authorisations and hierarchies. The integration of pricing approvals is also weaved into the onboarding process – actionable by the right team and person, at the right time in the process.  

4. “Tailored to Perfection!” – They Want Control of the User Experience Mapping

The Trade-Credit Customer Onboarding platforms should provide flexible configuration options to manage application details per the enterprise’s requirements. The customisations should be easy to use and should enhance the user experience while increasing application management efficiency. The platform should also allow the enterprise to customise the look and feel to align with their own branding elements.


The ideal vendor should have a robust feature set for this requirement. They should offer flexible customisation options such as adding questions, financial information, and direct debit and card issuing options. The vendor should also be able to customise the user experience by allowing enterprises to apply their branding elements. Additionally, the vendor should provide easy-to-use tools that enable the enterprise to change and enhance workflows as per their evolving needs.  To top it off the user experience should be measured and reported on.

5. “Always Two-Steps Ahead” –  They Want Fraud Prevention Smarts

Fraud prevention is a critical aspect of the customer onboarding process. It involves various measures taken to ensure that the individual applying for credit is who they claim to be.  Overall, a robust fraud prevention system should be a top priority for any trade-credit platform. 


Your trade-customer platform should come equipped with Anti-Fraud Smarts including strong user authentication and two-factor authentication (2FA) for added security. Facial recognition and biometric authentication options for identity verification. Monitoring for suspicious activity and machine learning to detect patterns in user behaviour that may indicate fraud.

Let’s not forget about the Accountable, Agile Vendor, with a “Lets Get It Done” Attitude! 

Lastly, when an enterprise implements a SaaS platform, they should expect the vendor to possess various key attributes to ensure a successful implementation. 

1. Accountability

The vendor must take ownership of their part in the implementation process, meet timelines and expectations, and allocate sufficient resources to ensure success. The vendor must also be committed to training the customer’s team and providing that the SaaS product is fully adopted across the organisation.

2. Ability 

Technical competence is critical. The vendor must have the technical skills to seamlessly integrate their platform into the customer’s environment, providing a smooth user experience. Effective communication skills are also essential, as the vendor must understand the customer’s needs and concerns and convey information.

3. Attitude

A collaborative mindset is essential. The vendor must work closely with the customer and the implementation team to ensure a successful implementation. The vendor must also be proactive in identifying and addressing any issues or challenges that may arise. Flexibility is also critical. The vendor must be able to adapt to changes and unexpected developments during the implementation process. Additionally, the vendor must have strategic thinking skills to align the SaaS product with the customer’s overall business objectives.

Overall, the vendor must have a customer-centric approach and prioritise the needs and experience of the customer’s end-users throughout the implementation process. Possessing these attributes will help ensure a successful and smooth implementation of the SaaS product for the enterprise.

Is your trade-customer onboarding process manual, time-consuming, and error-prone? It’s time to upgrade to a top-notch trade-credit Customer Onboarding Platform! Contact 1Centre here today to get started.

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